Vietnam: 5 Important accounting tasks to complete in January 2018

1. Submit the salary scale and payroll to the Department of Labor, Invalids, and Social Affairs of Vietnam

Decree 141/2017/ND-CP officially took effect from January 01, 2018, stipulating an increase in regional minimum wages.

Enterprises using payrolls with wages lower than the regional minimum wages stipulated in Decree 141/2017/ND-CP must re-establish their salary scales and payrolls.

Furthermore, based on Clause 6, Article 7 of Decree 49/2013/ND-CP, when constructing or amending, supplementing salary scales and payrolls, enterprises must submit the salary scales and payrolls to the Department of Labor, Invalids, and Social Affairs.

Therefore, enterprises need to quickly re-establish their salary scales and payrolls and then submit them to the Department of Labor, Invalids, and Social Affairs.

Download the complete set of documents on the notification of changes in salary scales and payrolls HERE

2. Declare and pay license tax

The deadline to pay the license tax is January 30, 2018, at the latest.

In case a tax payer starts production or business activities, or establishes a new business establishment, the deadline to pay the license tax is the last day of the deadline for filing the tax return.

The above content is based on Article 5 of Decree 139/2016/ND-CP and guided in Article 5 of Circular 302/2016/TT-BTC.

Download the form for declaring and paying license tax HERE

3. Declare and pay VAT, PIT, and CIT

For enterprises declaring VAT and PIT monthly

No later than January 20, 2018, declare and pay the PIT and VAT.

No later than January 30, 2018:

- Pay provisional CIT for the fourth quarter of 2017 and VAT for the fourth quarter of 2017 (if any);- Report on the use of invoices for the fourth quarter of 2017.

For enterprises declaring VAT and PIT quarterly

- Pay provisional CIT for the fourth quarter of 2017 and VAT for the fourth quarter of 2017 (if any);- Report on the use of invoices for the fourth quarter of 2017.

Download the form for declaring and paying license tax HERE

4. Notify the increase in social insurance contributions at the social insurance agency

As mentioned above, the regional minimum wages will increase from January 01, 2018, leading to increased social insurance contributions for employees. Therefore, if any enterprise has a salary basis for social insurance contributions lower than the basis stipulated in Decree 141/2017/ND-CP, it must proceed to notify the increase in social insurance contributions.

The notification must be carried out following Article 23 of Decision 595/QD-BHXH. Specifically:

For employees:

- Declaration of participation, adjustment of social insurance, health insurance information (Form TK1-TS);- In case the employee is entitled to higher health insurance benefits: Provide supporting documents (if any) as per Appendix 03.

For employers:

- Declaration of unit participation, adjustment of social insurance, health insurance information (Form TK3-TS);- List of employees participating in social insurance, health insurance, unemployment insurance, labor accident insurance, and occupational disease insurance (Form D02-TS);- Information declaration form (Form D01-TS).

Download the complete set of documents on notifying the increase in social insurance contributions HERE.

5. Submit the report on the situation of participation in unemployment insurance

According to Circular 28/2015/TT-BLDTBXH, enterprises must submit a report on the situation of participation in unemployment insurance to the Department of Labor, Invalids, and Social Affairs no later than January 15, 2018.

The report must be made according to Form No. 33 issued with Circular 28/2015/TT-BLDTBXH.

Download Form No. 33 HERE.

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